You might ask yourself, “I have a will, why do I need to do an estate plan?” If you ask yourself this question, then I have listed the pros and cons of having a Living Trust and/or Will.
Have a Will and Revocable Living Trust:
Allows you to select beneficiaries for your property
Make decisions on which children will receive your property
Revoke and change your wishes, in the legal documents at any time
Have a Revocable Living Trust, and No Will, My Options:
My personal property will avoid probate
The living trust may reduce the chance of a court dispute over my estate
Avoid an adult guardianship or conservatorship
Keeps your estate plan documents private upon your passing
Have a Will, Not a Trust, My Options:
Designate guardians for children
Decide on managers for children’s property
Elect an executor
Choose how debts or taxes should be paid
Call Stephen Capone today at 808-371-1868 for a free consultation to review your Trust documents.